The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-30
THE PLANS FOR PIPING GAS
A Consumers Gas Trust Company Or
gained on the Popular Stock Basis.
The Agreement Between the Standard, Cuff
fey and indianapolis Companies Provides
for Piping to the City Within Forty Days.

name OF the organization LuAtt according TO It's
sanguine promoters, is to solve the problem Of
fuel at cost price. It shared public attention
yesterday with tine allied interests of the Stand
ard, Guffey and Indianapolis companies. In
fact, the latter was overshadowed by the hope
full talk the trust organizations supporters
gendered. Its interests were being considered
the most of the day. either by the general or
subcommittee, and the plans had been ap-
proved at noon, and the company. as far as re-
ports and articles of incorporation were con-
cerned, was 10 existence, the gentlemen d.
rectly connected with its formation began
to speak Of success assured. While this was
going on at the Board Of Trade rooms at
the Merchants Bank the Standard. Guffy and
Indianapolis companys representatives with
their respective attorneys. were in close consul
tation. What conclusions they reached can only
be matter of Mcclure at this time, but with
such a degree of certainty that any
one can put it down absolute fact that
within forty days there will be Nobl esville gas
at the command of the people of Indian apolis. if
they want it from that source, and at prices the
piping company will name.
The Consumers Trust Company however,
lays the details of it's organization before the
public with the belief that not only high priced
gas, but competition itself need longer be
considered. The trust If the hopes of the pro-
motors are to be realized. is to be SO powerful
within the next six months that the Standard,
Guffey, and the indianapolis companies will be
ready TO sell to 1t their entire holdings aad leave
the State. That is the way of them be-
gan talk when the committee of business
men appointed by the general committee
lectsd by the Board of Trade, made
its report yesterday. This report states
that the organization ''should have ia
Of nrait of stock
holders, but the furnishing of gas to consumers
at near cost as possible" and to these
ends the features necessary "a means of Sc
curing the stock SO as to prevent its transfer to
any competing company; q plan for self-perpet-
uaton, and method for raising the necessary
funds" The plan which the committee thinks
is feasible and as having sound legal basis
In the incorporation of company under the
mining and manufacturing law, and the act for
the incorporation of natural gas companies. 1t
includes the appointment by the incorpo-
rators of board Of five trustees ito
whom shall be assigned in trust, irrevocably
each share of stock. This gives to the Board of
Trustees full authority to vote the stock and to
annually elect board of directors Said trus-
tees may be removed by the court if they acquire
during the term of office any interest adverse to
the trust or in any manner conduct the trust to
it's detrimsnt." The trustees are to have the
power or Ser-perDeLuatlOn DY provision allow
ing them TO fill vacancy caused by death
resignation or removal. They are also to stand
for the whole body of stockholders.
having the power elect directors
who are to conduct the affairs of the company
By this means the committee SAYS 1.-THE objec-
tions TO cooperative organizations, where the
element of numbers is often the source of weak
ness" can be avoided. The directors to issue
TO the trustees the amount of stock wishes
and the trustees are to give him a certificate I
therefor. Upon this certificate the holder is cd
titled to per cent interest on the amount OF
stock held for him. As soon as subscription to
the stock and all debts paid the directors are
TO reduce the price of gas to popular
feature was recommended in the following:
The directors may also raise money by issuing GER
(1O) years with eight (S) per interest Such
certificates well the stockholders certificates.
payable in at option of holder These certif
Gates issued in amounts not less than twenty-five
1925 dollars thus enabling people of email means to
When the board of trustees fails to fill a
vacancy the matter is TO be referred to the judge
of the Circuit Court, before whom can be brought
questions affecting the removal of trustee for
\ corrupt or other practices detrimental to the
trust. The trustees to receive compensa-
ton, bur they to fix that of the directors.
The report is signed By the full committee, j.
p. Frenzel, John w. Murphy, Eli Lilly, George
w. Johnston and f. c. Atkins
The lawyers, VIM. Wallace. John NJ Butler,
w. P. Fishback, f. Winter and W. H. H. Mil
Ter, to the articles of incorporation considered
by them, said: I'VE no legal objections
the formation OF corporation according to the
terms and provisions embodied in the draft"
The first article supplies the name, .'The Con-
sumer's Gas Trust Company and the second
covers the purposes, which are the same as
those of all other natural gas companies
relative to drilling and mining for
natural-gas, petroleum and minerals. It
also provides for the purchase and lease of real
Estate, and for the doing of all other necessary
things that will enable it to sell gas to con-
Bumers for fuel and Illuminating purposes. The
third article fixes the capital stock at $500, 900,
divided into $50 shares. Article five provides
for nine directors The provisions of article
six relate the placing of the stock N a banda
of trustees mentioned above. who are to
vote the same ms fully and completely if they
were the owners of said capital stock" but the
case the trustees cannot agree to how
IL shall be voted ''the ma orty of them shall
cast the vote of the board" In regard to vacan-
cies in the board, if the trustees fail appoint,
any stock holders after ten days notice to the
board to that affect, can apply to the Marion Cir
cult Court TO appoint some one as trustee. Article
seven relates to the issuance of stock and stock
certificates as detailed in the report OF the bust
ness mems committee. Article eight enables the
directors to borrow money for the purpose of de-
veloping a supply of gas and the construction of
pipe lines. Certificates of not less than $25 each
be issued to this loan, the
interest on which shall be per cent annum,
payable semi-annuaily. They to be
payable at the option of the company, year
from date, in proportions of more than 20
per cent per annum and they be due not
less than ten years from date The certificates
are to be transferable ard received in payment
of debts to the company bv consumbers of gas.
but not in excess of the proportion above pro-
v1oed. Inc directors nave power to redeem
them in greater proportions if the interests of
the company require them to do No other
Indebtedness aside from that of current ex-
pesos. except by this certificate plan, can be in
Cured by the directors without the consent Of
the trustees. In article twelve the trustees
named Thomas A. Morris, John W. Murphy,
John NJ Butler, Albert 6. Porter and William
T. Gallup
The articles were adonted by the general COM
mittee. after which TOO shares of stock were
subscribed for by E. F. Claypool, who took 200
shares; Eli Lilly. 100; John H. Holiday & Co.,
100; John w. Murphy. 100: NJ s. Huev & Son,
So John p. Frenzel, 40; Oran Perry, 20; George
w. Johnston. 20; e. FL Edridce & Co.. 20: w.
p. Fishback. 20; A. A. McKain. IL: R s. Foster,
To- John L. McMaster. 4; John B. Conner, TO-
1t 10 asserted that in addition these
amounts nearly 500 900 had been pledged before